Understanding the Offer Process : Strongsville Real Estate : Keller Williams Realty

By:
CJ Harrington
Keller Williams Realty
www.cjharrington.com
cjharrington.crs@gmail.com
440.336.0612

Date:
10-24-08

Above-average levels of property inventory have left today's buyers overwhelmed with the choice and selection of homes.
The average home buyerspends about five weeks investigating real estate housing, school and community information before even contacting a real estate agent.
Yet, once you have narrowed down the selection to your preferred house, it's finally time to make an offer. But how does it work and what can you do to help get your offer accepted?
The Offer Process
Working through your REALTOR, you will draft an offer with price and terms that you are comfortable with and that you think, hopefully, the seller can accept.
The first issue that comes to mind for most people is, of course, price. However, terms that also need to be considered and presented in the offer are such items as the earnest money and down payment you are making, mortgage loan amount and type you will secure, what date you will close the contract, when you will occupy the property and whether or not there are personal property items for which you are asking.
Inspections need to be specified and can include a general home, pool, pest, radon, lead based paint and/or roof inspections. Your REALTOR can advise on other terms particular to your offer.
Always, be sure to take adequate time to thoroughly read through the contract, and ask your REALTOR to go over the contract with you in detail. Then you will sign the purchase offer and receive a copy of all documents, including the offer itself, real estate agency disclosures and any other pertinent local disclosures. (It is more beneficial to have a face-to-face with your REALTOR to write the offer.) However, if time and location prevent a meeting, your REALTOR can fax copies of the contract to the parties.
Presenting the Offer
By this point you and your REALTOR have spent a good amount of time and care in preparing a fair offer. Since you have now fallen in love with the home, you want your offer to be accepted!
The best opportunity to open a productive dialogue that will result in a successful sale is to have your REALTOR present the offer in person. That way the agent can be the most effective when "sell ing the sellers", on the offer and their ability to qualify and close on the property.
Still, since "time is of the essence" occasionally offers can be negotiated over the phone and contracts faxed for signatures of people are not physically available.
What should be avoided is to either have the offer faxed, droppedn off or mailed to the seller or their agent direct without a presentation. There is a good chance the offer will lose out to competing offers.
Escpecially in this market, it is recommended a letter pre-approval from a lender be included to emphasize the qualifications of the buyer.
The way in which the offer is written and presented, can have a major impact not only on whether or not you are successful, but on the price and terms to which the seller will agree. So, be informed and make sure your REALTOR is looking out for your best interest.

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